Advance Tax Payment Due Dates (A.Y.2024-25) (F.Y.2023-24)

Advance Tax Payment Due Dates FY 2023-24: Advance Tax is the pre-paid tax paid by the assessee on the income earned during the year. In simple terms, you can say that the assessee must pay taxes in advance on the estimated income for the year in installments. This applies to individual taxpayers, company, and corporate taxpayers. … Read more

Penal Interest under Sections 234B & 234C (A.Y. 2023-24)

Penal Interest under Sections 234B & 234C: Taxpayers who are responsible for paying advance tax are required to pay penalty interest if they fail to do so. The provisions of sections 234B and 234C are different. We will discuss here all about the penal interest under sections 234B and 234C. Reasons for Penal Interest Section … Read more

How to Calculate Advance Tax? Step by Step

How to calculate advance tax:  Advance tax calculation is very simple as every layman can do it without difficulty. In this article, we will discuss how to calculate advance tax in easy steps. First of all, you should know that for every person whose tax liability for any financial year is more than Rs.10,000 then … Read more

How to Pay Advance Tax Online or Offline?

How to Pay Advance Tax: The procedure to deposit advance tax is similar to income tax. Advance tax is itself an income tax. We call it advance tax as we deposit in in advance before the due date of income tax. So the procedure is the same as income tax. After calculation of advance tax, … Read more

Who is Liable to Pay Advance Tax? (A.Y. 2023-24)

Taxpayers are required to pay advance tax on their income which they expect to earn during the current year. For example, for the financial year 2022-23/the assessment year, 2023-24 advance tax is payable in instalments during 2022-23 itself.  All the persons whether the individual, firm, company or cooperative society will pay income tax in advance … Read more

Waiver & Interest on Excess Payment of Advance Tax

As we are liable to pay interest u/s 234A, 234B and 234C for late payment or non payment of advance tax. In the similar manner the Government is also liable to pay interest if we pay advance tax more than due. But there is huge difference of interest rate in the case of Government liability. … Read more